Evolution Group, whose UK-based wealth manager
Williams de Broe bought a regional private investment management
business of BNP Paribas Wealth Management earlier this month, has
revealed a second bidder for its entire operation.
Canada’s Canaccord Financial has expressed
interest in acquiring Evolution.
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Canaccord’s move comes after South-Africa’s
investment firm Investec commenced talks with Evolution on 4
August.
Canaccord targets growth in wealth
management
Media reports suggest that the Canadian
financial services firm is implementing its acquisitions-driven
strategy in a bid to expand Canaccord WealthManagement abroad.
As a result of Canaccord’s interest,
Evolution’s shares on the London Stock Exchange increased more than
11% on Tuesday, before dropping 4% by midday on Wednesday.
Canaccord’s interest is
subject to a number of pre-conditions including, among others,
obtaining a unanimous recommendation from the Evolution board and
the satisfactory completion of due diligence, the firm said in a
statement.
The Canadian firm also reserves the right to waive any
or all of its pre-conditions.
Small AuM base
Canaccord released its first quarter results for the
2012 fiscal year on 3 August.
Canaccord Wealth Management’s assets under management
stood at $575m, while its assets under administration reached
$15.7bn as at the end of the first fiscal year quarter.
